US President Barack Obama said if the situation demands, they are “prepared to tap the significant stockpile of oil.”
Obama told reporters during a press conference that over the past year as the economy has improved and global demand for oil has increased, prices have increased also again.
He added that “turmoil in North Africa and the Middle East has added uncertainty to the mix, and lost production in Libya has tightened supply.”
“Now, here’s the good news. The global community can manage supply disruptions like this,” he affirmed.
He indicated that other oil-producing nations “have committed to filling any gaps. And we will continue to coordinate closely with our international partners to keep all options on the table when it comes to any supply disruptions.”
“Here at home, everybody should know that should the situation demand it, we are prepared to tap the significant stockpile of oil that we have in the Strategic Petroleum Reserve,” Obama affirmed.
He stressed, “we’re also using the resources at our disposal at the federal level to monitor any possible manipulation in the oil markets.” According to Obama, America is “better prepared for supply disruptions than we used to be,” indicating that the US uses seven percent less oil than it did in 2005.
“We’re adapting. We’re producing more oil, and we’re importing less,” he remarked.
“Now, the hard truth is, is that as long as our economy depends on foreign oil, we’ll always be subject to price spikes,” he noted.
He indicated that “our oil production reached its highest level in seven years. Oil production from federal waters in the Gulf of Mexico reached an all-time high,” adding that “for the first time in more than a decade, imports accounted for less than half of what we consumed.”
“If we want to secure our long-term prosperity and protect the American people from more severe oil shocks in the future, the way to do it is to gradually reduce demand and then do everything we can to break our dependence on oil,” Obama stressed.